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East Buy posts 70% drop in profit, faces future struggles after departure of top influencer
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TechNode
East Buy currently has 29.65 million followers on Douyin, with the widely-used short video platform booking over 181 million orders for the company during the last 12 months.
East Buy has been struggling since livestreaming star Dong’s namesake venture Time with Yuhui, previously a wholly-owned subsidiary of East Buy, was sold entirely to the presenter in July.
East Buy has since cut ties with the key influencer.
Context: Last December, East Buy fired former chief executive Sun Dongxu after his comments angered fans of Dong, one of the e-commerce platform’s top livestreamers.
Days after the controversy, East Buy promoted Dong to a senior partner in the company and named him assistant of culture to the chairman, Michael Yu.
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